RaonSecure Partners with Korean Savings Banks to Build Mobile ID Verification System

South Korea Launches Blockchain Project to Streamline Public ServicesThe South Korean Ministry of Science and ICT and the Korea Internet and Security Agency (KISA) have launched the 2023 blockchain application project to bolster the domestic industry and adapt to the rapidly evolving global blockchain landscape.Photo by Ping Onganankun on Unsplash$1.6 million projectAs part of the Korean government’s broader strategy to promote the blockchain industry, the project has received a budget of approximately 20.7 billion KRW ($1.6 million). The project participants are focused on exploring blockchain-based services that offer convenience to the public and have the potential to penetrate the global market. The digitization of drivers’ licenses is such a service that has been developed and has simplified the lives of Korean citizens.The project encompasses both the public and private sectors, each undertaking six programs. The public sector programs aim to explore blockchain-based services that the government can provide, while the private sector programs are dedicated to supporting the commercialization of business prototypes developed by companies.Public sector programsThe six public sector programs are the implementation of digital badges for national licenses, the development of an online voting system for residents, the establishment of a remote pension eligibility check system, the enhancement of the electronic authentication system, the streamlining of drone operation applications, and the creation of a performance tracking platform for athletes.For instance, the implementation of digital badges for national licenses will greatly streamline the process for individuals who need to present their licenses to relevant organizations as a means of verifying their credentials. Presently, license holders are required to physically visit issuers or navigate their websites to gather the necessary documentation. However, the introduction of this new technology eliminates the need for this cumbersome process.Private sector programsMeanwhile, the private sector programs focus on developing the following six platforms: the battery life authentication system for electric vehicles (EVs), the oil waste trading platform, the non-fungible token (NFT) issuer for digital identity authentication, the NFT concert ticket system, the fractional investment platform for power plants, and the corporate management planner for environmental, social, and governance (ESG) initiatives.For example, the introduction of a blockchain-based certificate system to assess the remaining life of EV batteries holds significant implications for both car insurance and the trading of used cars. Currently, the lack of comprehensive data to evaluate the exact value of EV batteries poses challenges to the efficient trade of both used cars and batteries. Establishing this certificate platform will not only promote battery recycling but also positively impact the industry as a whole.

Bithumb Eliminates Trading Fees to Attract Investors and Gain Greater Market ShareSouth Korean cryptocurrency exchange Bithumb has waived trading fees for all cryptocurrencies available on its platform. Before this change, users were charged trading fees ranging from 0.04% to 0.25%.Photo by Nicholas Cappello on UnsplashKorean won and BTC marketsThe platform’s Korean won market offers trade for 241 cryptocurrencies, whereas its BTC market caters to 24. The no-fee policy will remain in effect until a further announcement is made.Many suggest this move by Bithumb aims to expand its domestic market share. According to local media outlet ZDNet Korea, Upbit dominates with 86% of the Korean crypto market, leaving Bithumb trailing with 11%.Revenue impact and long-term strategyWith its 10th anniversary approaching in January, Bithumb has made this decision, potentially to attract more investors. An official from the exchange highlighted the importance of attracting investors to secure liquidity. While the absence of trading fees, Bithumb’s main revenue channel, may result in a revenue dip, the official believes that a larger user base secured by this move will be beneficial in the long run.

Laos to Prioritize Blockchain for Digital TransformationThe Laotian government, under the leadership of Prime Minister Sonexay Siphandone, recently hosted the inaugural Ministerial Conference on Blockchain 4.0 Digital Transformation in Vientiane, the country’s capital. The conference, held on Friday, brought together blockchain experts and leaders from various economic departments in the country, indicating the government’s prioritization of blockchain technology for its digital transformation efforts.Photo by Molydar SOUAMA on UnsplashMetaBank cooperation agreementIn an effort to promote digital transformation within Laos, the Laotian government has signed a cooperation agreement with Singapore’s MetaBank. Software company MetaBank describes itself as a “digital civilization accelerator empowered by blockchain.”A report from MetaBank sheds light on the main focus of the conference. The key objective was to expedite Laos’ digital transformation by harnessing the potential of digital technology. The concept of Blockchain 4.0 was introduced, highlighting the importance of open collaboration and positioning Laos as both a catalyst and a beneficiary of the emerging global digital landscape.In a press release published on Monday, MetaBank Founder and Chairman Frank Sui said that blockchain technology can help developing countries like Laos to “overtake on a bend.” Laotian Minister of Technology, Boveingkham Vongdara, suggested that blockchain technology is needed to transform production and service methods.In line with this vision, MetaBank and the Laotian Ministry of Technology plan to establish a blockchain research and development center that will support the Blockchain 4.0 initiative in Laos. This center will serve as a hub for innovative blockchain projects and contribute to the country’s technological advancements.Leveraging digital technologyThe conference outlined several goals for the development of Laos’ digital economy. These goals include leveraging digital technology to generate new fiscal revenue, strengthen foreign exchange reserves, control inflation, foster sustainable economic growth, improve living standards, and enhance international competitiveness in the short term.Furthermore, the event proposed the establishment of a Blockchain Technology Transformation Committee, which would be responsible for ensuring legal compliance and drafting legislation relevant to the digital economy.During the conference, Prime Minister Siphandone stressed the importance of integrating blockchain technology into various government processes and utilizing it extensively for administrative management and public services. He emphasized that embracing blockchain technology is vital for the successful implementation of Laos’ ninth five-year plan, which aims to drive national, economic, and social development.Laos, situated in Southeast Asia, has recently taken significant strides in adopting blockchain and digital technology. In February, the country’s central bank signed a memorandum of understanding with Japanese financial software firm Soramitsu to launch a proof-of-concept project for a central bank digital currency (CBDC).The project involves the creation of a digital currency called DLak, which will be exchanged with commercial banks for fiat currency and used for real-time transactions through a QR code and an accompanying app. This initiative aims to address the delays previously experienced in digital transactions within Laos, which could take up to a month to clear.With the establishment of this Blockchain 4.0 initiative and the planned research and development center, Laos is positioning itself to make further progress in its digital transformation journey.